American Apparel's Stock Price Looking Up
Maybe investors are onto something. Hipster clothing brand American Apparel is looking up on the New York Stock Exchange. Shares of the Los Angeles-based clothing maker rose more than 8 percent today over Tuesday's closing price--to $1.19. That's almost double it's value of just a few weeks ago. The rebound comes despite shareholder lawsuits, lots of debt and, dare we say it, a little bad press.
We wish we would have put five on it when it was .66 cents on Aug. 25, a few days after NYSE warned the company that it broke a fatal exchange rule when it failed to file June financial data on time. So what, Wall Street seems to be saying back. The bounce back for American Apparel's shares comes a day after Reuters reported that company officials were in discussions to take on the help of a corporate-turnaround firm.
Noting the company's rising stock price, a stock-picking firm called SmarTrend has broadcast an "I-told-you-so" press release.
"American Apparel is in SmarTrend's Textile- Apparel Clothing industry and this industry is currently in an Uptrend," the firm states. "SmarTrend is bullish on shares of American Apparel and our subscribers were alerted to buy on September 02, 2010 at $1.02. The stock has risen 14.1% since the alert was issued."
Get the This Week's Top Stories Newsletter
Every week we collect the latest news, music and arts stories — along with film and food reviews and the best things to do this week — so that you'll never miss LA Weekly's biggest stories.